Signa Holding files for administration

The move comes after it fell victim to what it described as “severe economic pressure”. Speaking to the Financial Times, the business explained: “Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring process could not be sufficiently secured, and so Signa Holding has now applied for reorganisation proceedings.” 

Founded by the Austrian businessman Rene Benko, Signa Holding has applied for self-administration – which is a procedure in Austrian corporate law in which a company can restructure itself without handing control of the process to an external administrator.

According to the Financial Times, other key elements of the Signa network are still operational, including Signa Prime – which according to the outlet holds the group’s most valuable assets.